Volvo's global sales of electrified vehicles reach a record high, driven by both fully electric and plug-in hybrid models. However, US sales show a different picture with declining pure EV sales.
Volvo 's electrified models, including fully electric and plug-in hybrid vehicles, made up 46% of all global sales. The XC60 was its top-selling car of the year. The EX60, its fully electric counterpart, is expected to launch next year. US EV sales saw a sharp decline due to the EX30's delays, but PHEV sales surged nearly 70%. Volvo had previously pushed back its goal of going fully electric by the end of the decade.
Based on current trends, it might have been better to stick to the original plan. The carmaker achieved a record number of global vehicle sales last year, driven by its fully electric and extensive plug-in-hybrid lineup. Total vehicle sales reached 763,389 units, with electrified models outperforming gas-powered cars. Volvo delivered 175,194 fully electric vehicles in 2024, a 54% increase compared to the previous year. Plug-in hybrid sales climbed 16% to 177,593 units. While Volvo hasn't released individual sales figures for its cars, the EX30 likely contributed to this growth. This affordable electric hatchback, finally available in the US after several delays, has been a success in Europe since last year. Fully electric models represented 23% of Volvo's sales last year, up from 16% the year before. EVs and PHEVs combined accounted for 46% of its global sales in the year ending December, a new record for the brand. (In Europe, EVs and PHEVs made up 65% of all car sales.) PHEVs Shine In The U.S., EV Sales Decline The automaker's US sales don't quite mirror its global performance. Volvo sold 125,243 cars in the US last year, a 3% decrease. While plug-in hybrid sales increased by almost 70%, pure EV sales plummeted 59% to just 5,608 units. The EX30's delay, along with growing competition, likely contributed to this decline. There's a surge of new and competitively priced models from General Motors, Hyundai Motor Group, and Honda
VOLVO ELECTRIC VEHICLES SALES PLUG-IN HYBRIDS US MARKET COMPETITION
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